A new generator for proposing flexible lifetime distributions and its properties

Muhammad Aslam, Christophe Ley, Zawar Hussain, Said Farooq Shah and Zahid Asghar

PLOS ONE, 2020, vol. 15, issue 4, 1-13

Abstract: In this paper, we develop a generator to propose new continuous lifetime distributions. Thanks to a simple transformation involving one additional parameter, every existing lifetime distribution can be rendered more flexible with our construction. We derive stochastic properties of our models, and explain how to estimate their parameters by means of maximum likelihood for complete and censored data, where we focus, in particular, on Type-II, Type-I and random censoring. A Monte Carlo simulation study reveals that the estimators are consistent. To emphasize the suitability of the proposed generator in practice, the two-parameter Fréchet distribution is taken as baseline distribution. Three real life applications are carried out to check the suitability of our new approach, and it is shown that our extension of the Fréchet distribution outperforms existing extensions available in the literature.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0231908

DOI: 10.1371/journal.pone.0231908

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